XRP: Ripple Partners with BNY Mellon for RLUSD Custody

XRP continues to make waves in digital finance as Ripple announces a strategic alliance with BNY Mellon, designating the banking giant as the official custodian for its enterprise-centric stablecoin, RLUSD.

Ripple has stepped up its innovation efforts by tapping the Bank of New York Mellon Corporation to safeguard the reserves behind RLUSD. This move marks a significant milestone in Ripple’s roadmap to create a bridge between traditional banking and digital currency infrastructure.

The newly formed partnership was shared via Ripple’s official announcement, revealing that BNY Mellon will not only manage RLUSD’s reserve assets but also provide essential transaction banking services. These services are expected to enhance Ripple’s operational capabilities across cross-border payment solutions, helping to extend its global enterprise network.

According to the announcement, “Ripple has selected @BNYglobal as the primary reserves custodian for $RLUSD, an enterprise-grade stablecoin built for real-world utility.”

Launched in December 2024, RLUSD is issued under a New York Department of Financial Services (NYDFS) Trust Company Charter, positioning it among the few global stablecoins that meet such regulatory compliance. Unlike many digital assets directed at individual users, RLUSD has been designed from the ground up to facilitate smoother, faster, and more affordable institutional transactions.

This most recent update underscores Ripple and BNY Mellon’s mutual ambition: to create a seamless integration between traditional banking systems and the modern digital asset economy. The custody agreement between the two is seen as a game-changer in boosting confidence and adoption of RLUSD at the institutional level.

Recent data from independent monitoring platforms shows an accelerating uptick in RLUSD activity. As per the Ripple stablecoin tracker, 46 million RLUSD tokens have been minted in July alone—with a stunning 16 million issued in just the last 24 hours. This surge reflects growing institutional demand and signals the token’s rising acceptance as a reliable tool for cross-border settlements.

Notably, the minting volume observed on July 2 and 3 reached 14 million and 16 million RLUSD, respectively. These figures come on the heels of Ripple’s application for a U.S. national banking charter—an initiative that could elevate RLUSD’s standing across financial sectors.

At present, RLUSD’s market capitalization has broken through the $500 million threshold, per CoinMarketCap data. This rapid valuation growth indicates increasing market trust in both the stablecoin and Ripple’s broader ecosystem.

As XRP continues to play a pivotal role in Ripple’s broader vision for transforming financial infrastructure, leveraging key partnerships like the one with BNY Mellon reinforces the credibility and long-term aspirations of the XRP ecosystem. The company’s alignment with legacy institutions demonstrates a tactical shift toward converging digital innovation with trusted financial frameworks.

Related: XRP Price: $12M Max Pain for Bears

Ripple’s strategic custody update has positioned XRP and its associated products at the forefront of enterprise finance. With institutional-grade integrations and robust market infrastructure, XRP is carving out a foundational role in the emerging landscape of regulated digital finance.